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Home»TRADING NEWS»Why developers are investing heavily in Shiba Inu (SHIB)
TRADING NEWS

Why developers are investing heavily in Shiba Inu (SHIB)

By Crypto FlexsFebruary 25, 20243 Mins Read
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Why developers are investing heavily in Shiba Inu (SHIB)
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Shiba Inu developers row and never rest. They are already planning the next development phase that will advance the digital asset following the successful launch of the Sheboshi NFT.

Sheboshi’s recent release has drawn the attention of enthusiasts and skeptics who see it as another attempt by Shiba Inu developers to capitalize on the market.

Shiba Inu looks forward to further advancements as the network grows.

Shiba Inu influencer Lucie shed some light on the matter. He emphasized that the developers have more practical intentions than just profits. Lucie said these initiatives are part of a broader strategy to advance the ecosystem with innovative technologies.

“This is not a pump and dump plan! We have a full breeding plan and Shiba Eternity P2E lineup ahead of us. That’s right. We know traders are jumping on the new hot item, Dn404. But for us, the actual holders of Shiboshis, the current price is not important.” Lucie Emphasize.

In recent months, Shiba Inu developers have been working diligently to improve the network beyond its origins as a meme coin, with a focus on practical utility. These efforts have resulted in various projects such as the Shibarium Layer 2 Network and the SHIB Identity blockchain identity initiative.

The buzz surrounding Sheboshi coincided with a notable increase in trading volume on the Shibarium network. Data from ShibariumScan showed a surge of 3.95 million transactions before declining to around 2.78 million at the time of reporting. This indicates increasing interest and participation within the cryptocurrency market.

This surge in trading marked a significant resurgence for the Sybarium project, which had recently seen a lull in trading activity. In fact, this uptick has had a positive impact on SHIB’s burn activity, which is up 55% over the past day and 166% over the past week.

Read More: Shiba Inu (SHIB) Price Prediction 2024/2025/2030

Shiba Inu’s Shibarium Transactions. Source: ShibariumScan

At the same time, Shibarium saw the total value of its locked assets rise, reaching the important milestone of $1 million on February 21st. However, that figure dipped slightly two days later to $926,210 before rebounding to $962,576 as of press time.

An increase in TVL indicates that more users are depositing their assets into the network to participate in decentralized finance activities, which can be a measure of investor confidence. MARSWAP, a decentralized exchange (DEX), primarily dominates Shibarium’s TVL, accounting for 54.02% of TVL (equivalent to approximately $519,000).

Despite the recent surge, TVL remains below its all-time high of $1.47 million hit in August 2023. This is the period of mainstream adoption of the Shibarium network.

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In compliance with Trust Project guidelines, BeInCrypto is committed to unbiased and transparent reporting. These news articles aim to provide accurate and timely information. However, before making any decisions based on this content, readers are encouraged to check the facts and consult with experts. Our Terms of Use, Privacy Policy and Disclaimer have been updated.

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